Client: Chicago Executive Airport
The Chicago Executive Airport engaged Gruen Gruen + Associates (GG+A) to estimate the economic and fiscal impacts that Airport operations and associated activities on Airport property generate for the Cook County economy. To estimate the impacts, GG+A reviewed the literature on economic development benefits and location decisions attributable to airports. GG+A also designed and analyzed a survey of and conducted interviews with Airport-based businesses. GG+A reviewed budgets and other documents from Chicago Executive Airport, Prospect Heights, Wheeling, and State of Illinois Department of Revenue.
GG+A synthesized the research into inputs and estimated for Cook three types of economic impacts generated by the Airport and on-site businesses: (i) Employment (numbers of jobs); (ii) Income (wages and salaries); and (iii) Economic Output (the volume of all goods and services). The economic impact due to the purchases of goods such as supplies or equipment and services and construction activities, and labor was estimated with Regional Input-Output Modeling System (RIMS II) FROM U.S. Bureau of Economic Analysis.
GG+A synthesized research into estimates of the direct fiscal(tax) effects of the Airport operations and associated activities and the direct fiscal effects of workers employed at the Airport and Airport visitors. Sources of revenues estimated include property and leasehold property taxes, sales taxes, hotel taxes, and telecommunication taxes.
GG+A prepared a report summarizing the results of the research and analysis including presenting the economic and fiscal impacts and economic development benefits created by the Airport. GG+A also prepared a graphically-oriented summary of principal findings as well as a press release for the Airport. In addition, GG+A gave a public presentation of the results of the study.